John Stossel: Fed can't control Bitcoin, so it tries to dismiss it

6:06 AM,
Jan. 16, 2014

John Stossel

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John Stossel

The big online retailer Overstock.com now accepts payment in Bitcoin. That's good news for lovers of liberty because bitcoins give us an alternative to government-controlled money. bitcoins are a currency created by anonymous, private tech nerds, not by government.

Governments don't like competition, and our government sometimes bans competing currencies. But as more of us use bitcoins, and more businesses accept them, it becomes harder for government to dismiss the currency as illegitimate, or ban it.